World Bank Urges Developing Nations to Secure US Trade Deals Quickly

World Bank President Ajay Banga has urged developing countries to swiftly secure trade agreements with the United States, warning that delays could harm all parties involved. Banga emphasized that with President Trump's new tariffs raising uncertainty and volatility in global markets, it is critical for developing nations to finalize deals with the U.S. before focusing on lowering other trade barriers or boosting regional commerce. He also addressed criticism from U.S. Treasury Secretary Scott Bessent regarding China's status as a developing country, agreeing that China should eventually reduce its borrowing from the World Bank's International Bank for Reconstruction and Development. Banga noted ongoing efforts to reduce World Bank lending to China and highlighted the importance of adapting policies to changing global economic realities.